Answer Happy

All of the following are true about the post-closing trial
balance, except:
a.It is prepared before the closing process.
b.It is prepared after posting the closing entries to prove the
equality of the debit and credit balances in the general ledger
accounts.
c.The owner's capital balance listed on the post-closing Trial
Balance was updated to reflect revenues, expenses, and drawing for
the accounting period.
d.Only permanent accounts are listed in the post-closing Trial
Balance.
A mistake made in step 1 of the accounting cycle is carried
through the entire accounting cycle.
True
False
Once the closing entries are posted, the general ledger capital
account balance
a.will agree with the beginning amount reported on the
worksheet.
b.will equal zero.
c.will agree with the amount reported on the Balance Sheet.
d.will need to be updated.